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* Tesla invests $ 1.5 billion in bitcoin; cryptographic stocks jump
* Disney, Cisco climbs ahead of results this week
* Futures up: Dow 0.45%, S&P 0.37%, Nasdaq 0.41% (Add comments, details; update prices)
February 8 (Reuters) – Wall Street’s key indexes were expected to hit record highs on Monday as investors made risky bets in hopes that a tax-exempt package would lead to a rapid economic recovery.
Oil prices have risen to their highest level in more than a year, rising between 1% and 1.9% for Marathon Oil Corp., Schlumberger NV, Exxon Mobil Corp., Chevron Corp. and Occidental Petroleum Corp.
Last week, the S&P 500 and Nasdaq had their best weekly performance since the US election in early November, based on optimistic gains and economic data.
Sentiment was also boosted by US Treasury Secretary Janet Yellen’s comment on Sunday that if Congress approves the $ 1.9 trillion plan, the country will return to employment next year.
The US Congress on Friday approved a budget plan to allow a coronavirus rescue bill in the coming weeks without Republican support.
“There is an increase in quotas that is much closer to the $ 1.9 trillion stimulus than a smaller number,” said Jim Besaw, investment director at GenTrust in Florida.
“There may be a possible withdrawal after downloading a stimulus package – buy the rumor, sell it.
Advances in vaccination efforts and optimistic gains in the fourth quarter have helped investors shy away from fears of a short-term stock withdrawal due to high ratings and rising coronavirus infections.
Bitcoin has risen more than 10% to a record high after Tesla Inc. said it had invested about $ 1.5 billion in cryptocurrency and would begin accepting payment in bitcoin for cars and other products.
Tesla shares rose about 2%, while cryptocurrency miner Riot Blockchain and Marathon Patent Group each rose more than 20%.
At 08:33 AM ET, the Dow E-minis was up 140 points, or 0.45%, and the S&P 500 E-minis was up 14.25 points, or 0.37%. The Nasdaq 100 E-minis rose 56 points, or 0.41%.
Walt Disney Co., Cisco Systems Inc. and General Motors Co. rose 1.6% and 2.8%, respectively, ahead of earnings reports this week.
S&P 500 companies were now on track to see gains for the fourth quarter, unlike a previous decline forecast, according to IBES Refinitive data.
Hasbro Inc rose 2.2% after toy maker exceeded analysts’ estimates of quarterly revenue on higher demand for board games and collectible cards “Magic: The Gathering.” (Reporting by Devik Jain, Shreyashi Sanyal and Medha Singh in Bengaluru; Editing by Saumyadeb Chakrabarty and Arun Koyyur)